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Q1 2016 Results – BP Plc

BP Plc · Apr 26, 2016 · 20 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2016 Results – BP Plc – slide 1
    1Q 2016 Results 26 April 2016 Khazzan, Oman
  2. Q1 2016 Results – BP Plc – slide 2
    Jess Mitchell Head of Group Investor Relations Andrew, North Sea
  3. Q1 2016 Results – BP Plc – slide 3
    Brian Gilvary Chief Financial Officer Gelsenkirchen refinery, Germany
  4. Q1 2016 Results – BP Plc – slide 4
    Agenda Environment 1Q 2016 Results Financial frame Business update Q&A 5
  5. Q1 2016 Results – BP Plc – slide 5
    Macro environment Global oil supply & US oil production OECD commercial demand(1) & rigs(2) inventories(3) Rig mmbd mmbd count mbbls 98 14 1800 3400 97 2010-2014 monthly average range 1500 3200 2015-2016 inventories 96 13 95…
  6. Q1 2016 Results – BP Plc – slide 6
    First quarter environment Brent oil price(1) Henry Hub gas price(1) Refining Marker Margin(2) 50 2.6 16 45 2.4 14 40 2.2 12 /mmbtu /bbl /bbl 35 2.0 10 30 1.8 8 25 1.6 6 20 1.4 4 Jan 16 Feb 16 Mar 16 Apr 16…
  7. Q1 2016 Results – BP Plc – slide 7
    1Q 2016 Summary Underlying earnings figures are adjusted for the costs associated with the Gulf of Mexico oil spill, other non-operating items and fair value accounting effects bn 1Q15 4Q15 1Q16 % Y-o-Y % Q-o-Q Upstream 0.6 (0.7) (0.7)…
  8. Q1 2016 Results – BP Plc – slide 8
    Upstream (excluding Rosneft) Realisations(1) Volume Underlying RCPBIT(2) 70 18 3,000 1.5 16 60 2,750 14 1.0 0.8 50 12 2,500 0.6 0.5 0.5 40 10 mboe/d /mcf /bbl bn 2,250 30 8 0.0 6 2,000 20 4 1,750 (0.5) 10 2…
  9. Q1 2016 Results – BP Plc – slide 9
    Downstream Refining environment Refining availability Underlying RCPBIT(1) 24 98 2.5 2.3 2.2 20 96 2.0 1.9 1.8 16 94 1.5 /bbl bn % 92 1.2 12 1.0 8 90 0.5 4 88 0 86 0.0 1Q15 2Q15 3Q15 4Q15 1Q16 1Q15 2Q15 3Q15…
  10. Q1 2016 Results – BP Plc – slide 10
    Rosneft BP share of underlying net BPs share of Rosneft Average Urals price income (1) annual dividend(2) 70 0.6 0.8 60 0.7 0.5 0.6 50 0.4 0.5 40 /bbl bn bn 0.3 0.4 30 0.3 0.2 20 0.2 10 0.1 0.1 0 0.0 0.0…
  11. Q1 2016 Results – BP Plc – slide 11
    Other items OB&C underlying RCPBIT(1) Underlying effective tax rate(2) 1Q15 2Q15 3Q15 4Q15 1Q16 40 0.0 30 (0.1) 20 (0.2) bn % 10 (0.3) 0 (10) (0.4) (20) (0.5) 1Q15 2Q15 3Q15 4Q15 1Q16 (1) Other businesses and…
  12. Q1 2016 Results – BP Plc – slide 12
    Gulf of Mexico oil spill costs and provisions Pre-tax To end Cumulative bn 1Q16 2015 to date Income statement Charge for the period 55.5 0.9 56.4 Balance sheet (1) Brought forward 18.8 Charge to income statement 55.5 0.9…
  13. Q1 2016 Results – BP Plc – slide 13
    Sources and uses of cash 1Q 2015 1Q 2016 8 8 7 7 Gulf of Mexico oil spill 6 Gulf of Mexico oil spill 6 Dividends 5 5 Dividends Inorganic capex bn bn Inorganic capex 4 4 Disposals Disposals 3 3 Organic Organic capex…
  14. Q1 2016 Results – BP Plc – slide 14
    Focus on long term value growth for shareholders Optimising the portfolio in a low price environment Value over volume Disciplined and timely allocation of capital Balancing pace to capture deflation Preserving future growth…
  15. Q1 2016 Results – BP Plc – slide 15
    Continued capital and cost discipline Organic capital expenditure Cash costs(1) bn 30-40% 7bn 24.6 23.1 22.9 18.2 19.1 18.7 17 15-17 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017…
  16. Q1 2016 Results – BP Plc – slide 16
    Balancing the financial frame Organic cash balance/imbalance Organic sources and uses of cash in 2017 0 5 10 15 20 25 30 99/bbl Cash Capital Capex 70/bbl Judgement Dividend expenditure 40-50/bbl Operating cash 45/bbl…
  17. Q1 2016 Results – BP Plc – slide 17
    Balance sheet resilience Gearing 10-20% gearing band put in 40 place in 2010 to manage uncertainty 30 Greater clarity on 20-30% 20-30% Deepwater Horizon % 20 10-20% commitments Gearing band of 20-30% 10 re-established…
  18. Q1 2016 Results – BP Plc – slide 18
    Upstream milestones and progress Continued strong operational performance Oman Khazzan Central Processing Facility Major projects on track 2 major project start-ups this year to date; 4 more on track 800mboed of new net…
  19. Q1 2016 Results – BP Plc – slide 19
    Downstream milestones and progress Continued underlying performance improvement Advantaged manufacturing Strong refining operations Petrochemicals improved cash break-even Marketing growth ULTIMATE fuels launch and retail…
  20. Q1 2016 Results – BP Plc – slide 20
    Our future A clear set of enduring principles A medium-term financial frame Relentless focus on safety and Capex: 17bn for 2016; 15-17bn in 2017 reliability Cash costs reduced by 7bn for 2017 versus A balanced portfolio with…

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